Something that has undoubtedly characterized El Dorado since its launch has been our transparency to more than 60,000 users who currently use our platform.
El Dorado was founded with the goal of offering a secure savings and trading alternative for thousands of people in Latin America. Since then, we have made significant strides, and it fills us with pride in 2023 to have continued expanding El Dorado's footprint in more countries within our region.
The swift growth of our app in recent months surpassed our team's expectations. That's why, in order to uphold the standards we've set on our platform and continue offering our clients a safe and pleasant experience, we've decided to implement some changes in the verification system (KYC) for accounts created after October 17th, 2023.
Will this change affect me?
If you are a user with an already verified El Dorado account, your account will automatically advance to KYC Level 2.
If you're a new user who has just set up your account on El Dorado, you'll need to undergo the KYC verification process to gain access to our P2P market and the various features of your El Dorado App wallet.
Your account's monthly limit will increase due to orders, offers, deposits, and balances received from other users. If you do not complete an order in P2P or close your offer, your limit will decrease again. If you reach your account's limit, you can elevate your KYC Level or wait until the next month to keep enjoying our app and all its functionalities.
Publish offers in El Dorado P2P
Another significant change we've introduced in our P2P market is a restriction for new users to post ads within the P2P market. Now, users must complete at least 15 orders as Scouts (accepting offers from other P2P users).
Why? Our commitment at El Dorado is always to provide a safe platform with a good user experience. With this measure, we prevent users unfamiliar with El Dorado P2P from accidentally posting offers in the market.
Here are the new KYC levels:
Level 0
You have just arrived at El Dorado and have not yet completed your KYC verification.
Requirements:
- Country of residence
- City of residence
Benefits:
- For security reasons, with this level of KYC, you cannot access any of the benefits offered by your El Dorado account.
Level 1
You have completed the basic level of KYC, now you can enjoy our P2P service, but in a limited manner.
Requirements:
- First and Last Name
- Phone number verification
- Identity document
Benefits:
- Monthly volume of up to $250
Level 2
You are now a regular user who wants to get more out of your El Dorado account.
Requirements:
- Facial verification
- Identity documents
Benefits:
- Monthly volume of up to $10,000
Level 3
You are now a major user within El Dorado and need to explore everything we have to offer.
Process:
- Once you reach the limit of your Level 2 account, this new level with more capacity will be unlocked.
- You must fill out the form with the requested information and send it for review.
- Your form will be reviewed and, if approved, your account will be upgraded to Level 3.
- If there is any error, our team will contact you again to resolve it.
Requirements:
- Financial Information Declaration
Benefits:
- Monthly volume of up to $250,000
A significant portion of our region undergoes constant financial instability. This makes alternatives like El Dorado a viable option for a considerable number of individuals.
That's why we've decided to keep our doors open as our team continues to enhance the security, attention, and prevention systems of El Dorado to combat a small user group.
El Dorado is not a legend; it's a P2P. And we will keep working to offer the best P2P experience for our clients. 🧭💛
